When you are in a foreign land, money is your biggest support. It helps you in paying for excursions, sightseeing and food. Money also helps you in coping with unexpected contingencies like medical emergency, theft, unplanned bookings, etc. Hence, it is important for Travelers to take care and manage their Money properly. Money Management when travelling within the country is easy, but Money Management abroad is difficult. In this blog, we will talk about Money Management while travelling abroad. These things will not only help you while abroad, but also within your Home country.
Following are the ways in which you can manage your Money:
1. US Dollar: When travelling abroad, make sure you are carrying all/half of your money in US Dollars. It is a worldwide accepted currency and will help you in buying stuff at airports or currency exchange. US Dollar is accepted at most local stores as well. Hence, it is really important to carry US currency.
2. Travellers Cheques: These are a great alternative to cash. You can carry them without any hassle and fear.
3. Plastic Cards: Cards such as Credit/Debit/ATM Cards are very helpful. Like Travellers Cheques, they are a great and widely used alternative. These cards help you withdraw cash and make payments at Retailers. Do check the commission charged by your banker before using.
4. Minimum Cash: Though cash gives you the privilege of liquidity, but it also comes with great risk. Pickpockets’ are all around the world, and hunting for soft targets. Divide your money in a way that you have cash as well as cards.
5. Divide Cash: Whatever cash you are carrying, divide them effectively. Distribute between your Purse, Hand Bag, Pockets and Luggage. Best can be to keep 25% each in your Wallet, Hand Bag, Pocket and Luggage. While travelling by Air, don’t keep your cash in check-in luggage. There have been cases of theft from check-in baggage.
6. Beware of Pickpockets’: When in a foreign land, ask your guide or the locals about high risk areas. Before travelling, ask other travelers about risky places. Every place has some areas ruled by scamsters, beware of them.
7. Exchange Fake Currency: Sometimes you accidentally get a fake or discontinued currency notes. In this case, visit any nearby Bank and exchange immediately. If kept for long, these currency papers may book you for trouble.
8. Back Up: Take out a small percentage of cash from your funds as back up. Promise yourself not to use it until you reach home. This will help in any unexpected last minute emergency.
9. Friends/Relatives at Standby: Before leaving ask at least 3 of your friends or Relatives to be in Standby mode to transfer money to you in an emergency.
10. Avoid Mixing Up: Sometimes people Mix up all currencies he/she is carrying. For example- A person from Singapore travelling to London, mixes up Singapore Dollars with US Dollars British Pounds. It results in a confusion and frustration. Hence, keep all coins/notes of one currency together.
These were some points that you should remember for Effective and Efficient Money Management. They will not only enhance your travel experience, but also safeguard you from any mis-happening.
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